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Experian supports a data-to-action pathway for SA businesses

While local businesses realise the importance of data and analytics, many find themselves
stuck in the insights-to-execution process. David Coleman, Chief Data Officer at Experian
South Africa discusses more and why nearshoring offers a possible solution.

Johannesburg, 29 June 2018 – South African businesses are
aware of the urgent need to establish a data-to-action pathway but sometimes fall
short when it comes to taking this forward, according to David Coleman, Chief Data
Officer at Experian SA.

According to a 2017 published Forrester report commissioned by Experian*, South
African organisations rated improving the customer experience (90%), providing better
insight of customers (87%), organisational agility to respond to emerging competitors
(85%) and enhanced cyber fraud mitigation capabilities (84%) as priorities. Also on
the list was the adoption of advanced analytics (74%).

However, many of these priorities are challenged by the increased exposure to cybercrime
(74%), the lack of expertise and technology infrastructure to incorporate machine
learning and to exploit big data potential (66%), as well as new competitors in the
space (62%).

“This barrage of needs versus challenges in this industry can easily force
businesses into a state of inaction where they are unable to make clear decisions
which can help drive their data-driven strategy from start to finish,” says
Coleman. He adds that like any business plan, clear objectives for analytics projects
are required. This includes excellent data management of structured and unstructured
data to unlock information, and to gain meaningful insights to better win, serve and
retain customers.

However, Coleman cautions that in today’s evolving environment of digitalisation
and increased regulatory burdens, traditional approaches to analytics and the tools
in place are no longer enough to create deeper, forward-looking business and customer
insights.

Enter the ‘systems-of-insights strategy’. According to ‘Leveraging
advanced analytics to boost growth’, a Forrester Consulting Thought Leadership
Paper commissioned by Experian, this approach enables firms to focus on actions that
drive high-priority outcomes. These then also need to be tracked and measured to understand
the actions’ effectiveness and to gauge if further data and insights are required.

“Although this strategy relies on technology, an ‘insights-to-execution’
process also involves people processes as much as analytics software,” says
Coleman. He adds that such an operating model can deliver real insights in real time.

One of the ways that businesses can achieve this is through nearshoring where external
sources can provide the analytics support required by businesses, and act as an advantage
for those dealing with competing imperatives. These can also turn data into action
to retain and grow a digitally savvy customer base for companies that lack internal
skills and resources.

Nearshoring also carries an advantage for short- and medium-term resourcing needs.
These arrangements can bridge the gap where data scientists and experienced analytical
talent are needed. Nearshoring partners also enable proximity to the market of need,
and the time of need. Finally, this can help to bear the burden of demanding regulation.

“Firms are able to take advantage of the knowledge transfer and regulatory
expertise provided by nearshoring analytical functions and those of local subject
matter experts,” says Coleman.

However, like any strategic partnership, communication and clarity are key.

“Open conversations with qualified strategic partners, clarity on resources
and clear expectations for delivery and timeframes, will see nearshoring deliver strategic
advantages for firms looking to overhaul their analytics capabilities and data-insight-action
to better serve customers,” ends Coleman.

* ‘The New Frontier: Unlocking the power of data’ study was conducted
by Forrester Consulting on Experian’s behalf among 590 C-level professionals
and functional leads across Europe, the Middle East and Africa. The study focused
on traditional brick-and-mortar organisations in the financial services, retail and
telecommunications services. Respondents were responsible for, or had a significant
role in, the decision-making process for enterprise risk, analytics, customer data
management, fraud management, and customer data management. The auxiliary custom survey
was completed in June 2017. This is the second annual industry report by Forrester
for Experian.

Prepared by Meropa Communications on behalf of Experian SA

About Experian

Experian is the world’s leading global information services company. During
life’s big moments – from buying a home or a car, to sending a child to
college, to growing a business by connecting with new customers – we empower
consumers and our clients to manage their data with confidence. We help individuals
to take financial control and access financial services, businesses to make smarter
decisions and thrive, lenders to lend more responsibly, and organisations to prevent
identity fraud and crime.

We have 16,500 people operating across
39 countries and every day we’re investing in new technologies, talented people
and innovation to help all our clients maximise every opportunity. We are listed on
the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.

Learn more at www.experianplc.com or visit
our global content hub at our global news blog for the latest news and insights from
the Group.

Experian and the Experian marks used herein are service marks or registered trademarks of Experian Informations Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners.

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... 47 more